Academy Sports + Outdoors
ASO Nasdaq Specialty Stores Financials FY2018–FY2025
Academy Sports + Outdoors' revenue rose 2.0% to $6.1 billion in fiscal 2025. Its operating margin was 8.5%, down from 9.1% a year earlier. Free cash flow was $222 million, down 32.4%. It paid out $234 million in dividends and buybacks, 105% of free cash flow. The diluted share count fell 6.9%.
Revenue
Total sales reported in the income statement.
$6.1B
2.0%
vs prior year
Operating margin
Operating income as a share of revenue.
8.5%
0.6 pts
Net income
Profit after all expenses, interest and tax.
$377M
9.9%
Free cash flow
Cash from operations minus capital spending.
$222M
32.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.6%
1.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$3.8B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
10.1x
On $5.99 EPS (TTM)
What Academy Sports + Outdoors does
No business description yet.
- Legal name
- Academy Sports and Outdoors, Inc.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- —
- Accession · CIK
- 0001817358-26-000031
0001817358
Revenue and margins
Academy Sports + Outdoors had $6.1B of revenue in fiscal 2025, up 2.0% on the year before.
FY18
Revenue $4.8B
FY19
Revenue $4.8B
FY20
Revenue $5.7B
FY21
Revenue $6.8B
FY22
Revenue $6.4B
FY23
Revenue $6.2B
FY24
Revenue $5.9B
FY25
Revenue $6.1B
Q3 '23
Revenue $1.4B
Q4 '23
Revenue $1.8B
Q1 '24
Revenue $1.4B
Q2 '24
Revenue $1.5B
Q3 '24
Revenue $1.3B
Q4 '24
Revenue $1.7B
Q1 '25
Revenue $1.4B
Q2 '25
Revenue $1.6B
Q3 '25
Revenue $1.4B
Q4 '25
Revenue $1.7B
Q1 '26
Revenue $1.4B
Q2 '26
Revenue $1.6B
FY18
Gross 28.6%
Operating 2.7%
Net 0.5%
FCF 1.9%
FY19
Gross 29.6%
Operating 3.7%
Net 2.5%
FCF 4.2%
FY20
Gross 30.5%
Operating 7.4%
Net 5.4%
FCF 17.1%
FY21
Gross 34.7%
Operating 13.4%
Net 9.9%
FCF 8.8%
FY22
Gross 34.6%
Operating 13.2%
Net 9.8%
FCF 6.9%
FY23
Gross 34.3%
Operating 11.0%
Net 8.4%
FCF 5.3%
FY24
Gross 33.9%
Operating 9.1%
Net 7.1%
FCF 5.5%
FY25
Gross 34.8%
Operating 8.5%
Net 6.2%
FCF 3.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 34.5%
Operating 9.8%
Net 7.2%
FCF 1.1%
Q4 '23
Gross 33.3%
Operating 11.4%
Net 9.4%
FCF 10.0%
Q1 '24
Gross 33.4%
Operating 7.5%
Net 5.6%
FCF 12.3%
Q2 '24
Gross 36.1%
Operating 12.3%
Net 9.2%
FCF 3.2%
Q3 '24
Gross 34.0%
Operating 6.8%
Net 4.9%
FCF 2.6%
Q4 '24
Gross 32.2%
Operating 9.2%
Net 8.0%
FCF 4.6%
Q1 '25
Gross 34.0%
Operating 5.1%
Net 3.4%
FCF 7.9%
Q2 '25
Gross 36.1%
Operating 10.8%
Net 7.8%
FCF 1.4%
Q3 '25
Gross 35.7%
Operating 7.3%
Net 5.2%
FCF −1.0%
Q4 '25
Gross 33.6%
Operating 9.9%
Net 7.8%
FCF 6.2%
Q1 '26
Gross 33.2%
Operating 5.2%
Net 3.7%
FCF 8.4%
Q2 '26
Gross 40.4%
Operating 15.0%
Net 8.4%
FCF 7.1%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 52.4% a year. Loss periods are shown in red.
FY18
Net income $21.4M
FY19
Net income $120M
FY20
Net income $309M
FY21
Net income $671M
FY22
Net income $628M
FY23
Net income $519M
FY24
Net income $418M
FY25
Net income $377M
Q3 '23
Net income $100M
Q4 '23
Net income $168M
Q1 '24
Net income $76.5M
Q2 '24
Net income $143M
Q3 '24
Net income $65.8M
Q4 '24
Net income $134M
Q1 '25
Net income $46.1M
Q2 '25
Net income $125M
Q3 '25
Net income $71.6M
Q4 '25
Net income $134M
Q1 '26
Net income $52.7M
Q2 '26
Net income $138M
FY18
Diluted EPS $0.29
FY19
Diluted EPS $1.60
FY20
Diluted EPS $3.79
FY21
Diluted EPS $7.12
FY22
Diluted EPS $7.49
FY23
Diluted EPS $6.70
FY24
Diluted EPS $5.73
FY25
Diluted EPS $5.54
Q3 '23
Diluted EPS $1.31
Q4 '23
Diluted EPS $2.21
Q1 '24
Diluted EPS $1.01
Q2 '24
Diluted EPS $1.95
Q3 '24
Diluted EPS $0.92
Q4 '24
Diluted EPS $1.89
Q1 '25
Diluted EPS $0.68
Q2 '25
Diluted EPS $1.85
Q3 '25
Diluted EPS $1.05
Q4 '25
Diluted EPS $1.97
Q1 '26
Diluted EPS $0.80
Q2 '26
Diluted EPS $2.17
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity —
Return on assets —
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets 7.1%
FY21
Return on capital 44.5%
Return on equity 52.1%
Return on assets 15.0%
FY22
Return on capital 36.6%
Return on equity 40.6%
Return on assets 13.7%
FY23
Return on capital 26.7%
Return on equity 29.0%
Return on assets 11.2%
FY24
Return on capital 19.5%
Return on equity 21.1%
Return on assets 8.7%
FY25
Return on capital 17.6%
Return on equity 18.1%
Return on assets 7.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $222M in fiscal 2025, 3.7% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $90.6M
FY19
Free cash flow $201M
FY20
Free cash flow $970M
FY21
Free cash flow $597M
FY22
Free cash flow $444M
FY23
Free cash flow $328M
FY24
Free cash flow $328M
FY25
Free cash flow $222M
Q3 '23
Free cash flow $15.3M
Q4 '23
Free cash flow $179M
Q1 '24
Free cash flow $167M
Q2 '24
Free cash flow $50.2M
Q3 '24
Free cash flow $34.5M
Q4 '24
Free cash flow $76.5M
Q1 '25
Free cash flow $107M
Q2 '25
Free cash flow $21.8M
Q3 '25
Free cash flow −$13.6M
Q4 '25
Free cash flow $107M
Q1 '26
Free cash flow $122M
Q2 '26
Free cash flow $116M
FY18
Cash from operations $199M
Capital spending $108M
FY19
Cash from operations $264M
Capital spending $62.8M
FY20
Cash from operations $1.0B
Capital spending $41.3M
FY21
Cash from operations $673M
Capital spending $75.8M
FY22
Cash from operations $552M
Capital spending $108M
FY23
Cash from operations $536M
Capital spending $208M
FY24
Cash from operations $528M
Capital spending $200M
FY25
Cash from operations $435M
Capital spending $213M
Cash from operations
Capital spending
Q3 '23
Cash from operations $57.5M
Capital spending $42.2M
Q4 '23
Cash from operations $235M
Capital spending $55.8M
Q1 '24
Cash from operations $200M
Capital spending $32.2M
Q2 '24
Cash from operations $91.3M
Capital spending $41.2M
Q3 '24
Cash from operations $96.9M
Capital spending $62.4M
Q4 '24
Cash from operations $140M
Capital spending $63.7M
Q1 '25
Cash from operations $158M
Capital spending $50.8M
Q2 '25
Cash from operations $78.6M
Capital spending $56.7M
Q3 '25
Cash from operations $49.0M
Capital spending $62.6M
Q4 '25
Cash from operations $150M
Capital spending $42.5M
Q1 '26
Cash from operations $161M
Capital spending $38.9M
Q2 '26
Cash from operations $188M
Capital spending $72.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Academy Sports + Outdoors returned $234M to shareholders in fiscal 2025, 105% of free cash flow. The diluted share count fell 6.9%.
FY18
Dividends $0.0M
Buybacks $0.0M
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $411M
FY22
Dividends $24.6M
Buybacks $490M
FY23
Dividends $27.2M
Buybacks $203M
FY24
Dividends $31.5M
Buybacks $365M
FY25
Dividends $34.7M
Buybacks $199M
Dividends
Buybacks
Q3 '23
Dividends $6.7M
Buybacks $43.6M
Q4 '23
Dividends $6.7M
Buybacks $2.7M
Q1 '24
Dividends $8.2M
Buybacks $122M
Q2 '24
Dividends $7.9M
Buybacks $97.9M
Q3 '24
Dividends $7.7M
Buybacks $53.4M
Q4 '24
Dividends $7.6M
Buybacks $91.1M
Q1 '25
Dividends $8.7M
Buybacks $99.0M
Q2 '25
Dividends $8.6M
Buybacks $0.0M
Q3 '25
Dividends $8.7M
Buybacks $0.0M
Q4 '25
Dividends $8.6M
Buybacks $99.9M
Q1 '26
Dividends $9.6M
Buybacks $98.4M
Q2 '26
Dividends $9.3M
Buybacks $82.1M
Dividends
Buybacks
FY18
Diluted shares 0.08B
FY19
Diluted shares 0.07B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.09B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
Value Academy Sports + Outdoors yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$154M and divides by 68.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 10.1x · peers 13.6x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Academy Sports + Outdoors can carry it.
FY18
Cash $75.7M
Debt —
FY19
Cash $149M
Debt $1.5B
FY20
Cash $378M
Debt $786M
FY21
Cash $486M
Debt $687M
FY22
Cash $337M
Debt $588M
FY23
Cash $348M
Debt $488M
FY24
Cash $289M
Debt $486M
FY25
Cash $330M
Debt $484M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $486M | $337M | $348M | $289M | $330M |
| Debt incl. finance leases | $687M | $588M | $488M | $486M | $484M |
| Net debt / EBITDA | 0.2x | 0.3x | 0.2x | 0.3x | 0.2x |
| Debt / equity | 0.5x | 0.4x | 0.3x | 0.2x | 0.2x |
| Interest coverage | 20.3x | 19.6x | 14.9x | 15.4x | 14.6x |
| Current ratio | 1.5x | 1.6x | 1.9x | 1.8x | 1.9x |
| Quick ratio | 0.5x | 0.4x | 0.5x | 0.4x | 0.4x |
| Total assets | $4.6B | $4.6B | $4.7B | $4.9B | $5.3B |
| Total liabilities | $3.1B | $3.0B | $2.7B | $2.9B | $3.1B |
| Shareholders' equity | $1.5B | $1.6B | $2.0B | $2.0B | $2.2B |
| Net debt (− = net cash) | $201M | $250M | $140M | $197M | $154M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.0M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Brian T MarleyDirector | Sold | 10,432 | $53.25 | $0.6M | Form 4 |
| Sep 15, 2026 | Samuel J JohnsonPresident | Sold | 70,303 | $51.79 | $3.6M | Form 4 |
| Sep 14, 2026 | Samuel J JohnsonPresident | Sold | 25,580 | $53.95 | $1.4M | Form 4 |
| Jul 16, 2026 | Jeffrey C. TweedyDirector | Sold | 1,200 | $48.00 | $0.1M | Form 4 |
| Apr 16, 2026 | Jeffrey C. TweedyDirector | Sold | 4,000 | $60.00 | $0.2M | Form 4 |
| Dec 15, 2025 | Brian T MarleyDirector | Sold | 3,500 | $55.01 | $0.2M | Form 4 |
| Dec 12, 2025 | Brian T MarleyDirector | Sold | 17,071 | $55.31 | $0.9M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 6 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | −0.4% | −2.3% | −1.1% |
| Altman Z'' | 3.99 | 3.64 | 3.72 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
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|---|---|---|---|---|---|---|---|---|
| Academy Sports + Outdoors ASO | $3.8B | 2.0% | 8.5% | 3.7% | 17.6% | 10.1x | 7 | |
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8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $4.8B | $4.8B | $5.7B | $6.8B | $6.4B | $6.2B | $5.9B | $6.1B |
| Gross profit | $1.4B | $1.4B | $1.7B | $2.4B | $2.2B | $2.1B | $2.0B | $2.1B |
| Operating income | $129M | $179M | $420M | $908M | $847M | $678M | $539M | $512M |
| Interest expense | $108M | $93.6M | $87.2M | $44.7M | $43.2M | $45.4M | $34.9M | $35.1M |
| Pretax income | $23.4M | $123M | $339M | $860M | $818M | $663M | $538M | $486M |
| Income tax | $2.0M | $2.8M | $30.4M | $188M | $190M | $144M | $120M | $109M |
| Net income | $21.4M | $120M | $309M | $671M | $628M | $519M | $418M | $377M |
| Diluted EPS | $0.29 | $1.60 | $3.79 | $7.12 | $7.49 | $6.70 | $5.73 | $5.54 |
| Diluted shares | 0.08B | 0.07B | 0.08B | 0.09B | 0.08B | 0.08B | 0.07B | 0.07B |
| Cash flow | ||||||||
| Cash from operations | $199M | $264M | $1.0B | $673M | $552M | $536M | $528M | $435M |
| Capital expenditure | $108M | $62.8M | $41.3M | $75.8M | $108M | $208M | $200M | $213M |
| Free cash flow | $90.6M | $201M | $970M | $597M | $444M | $328M | $328M | $222M |
| Depreciation and amortization | $133M | $117M | $106M | $105M | $107M | $111M | $118M | $123M |
| Stock-based compensation | $4.6M | $7.9M | $31.6M | $39.3M | $21.2M | $24.4M | $26.6M | $21.2M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $411M | $490M | $203M | $365M | $199M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $24.6M | $27.2M | $31.5M | $34.7M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $411M | $514M | $230M | $396M | $234M |
| Balance sheet | ||||||||
| Cash and short-term investments | $75.7M | $149M | $378M | $486M | $337M | $348M | $289M | $330M |
| Total debt | — | $1.5B | $786M | $687M | $588M | $488M | $486M | $484M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $1.3B | $1.4B | $1.7B | $1.7B | $1.6B | $1.7B | $2.0B |
| Current liabilities | — | $751M | $1.2B | $1.1B | $1.0B | $880M | $961M | $1.0B |
| Inventory | $0.0M | $1.1B | $990M | $1.2B | $1.3B | $1.2B | $1.3B | $1.5B |
| Property and equipment, net | — | $441M | $378M | $346M | $351M | $445M | $525M | $584M |
| Total assets | — | $4.3B | $4.4B | $4.6B | $4.6B | $4.7B | $4.9B | $5.3B |
| Total liabilities | — | $3.3B | $3.3B | $3.1B | $3.0B | $2.7B | $2.9B | $3.1B |
| Shareholders' equity | — | — | $1.1B | $1.5B | $1.6B | $2.0B | $2.0B | $2.2B |
| Margins | ||||||||
| Gross margin | 28.6% | 29.6% | 30.5% | 34.7% | 34.6% | 34.3% | 33.9% | 34.8% |
| Operating margin | 2.7% | 3.7% | 7.4% | 13.4% | 13.2% | 11.0% | 9.1% | 8.5% |
| EBITDA margin | 5.5% | 6.1% | 9.2% | 15.0% | 14.9% | 12.8% | 11.1% | 10.5% |
| Net margin | 0.5% | 2.5% | 5.4% | 9.9% | 9.8% | 8.4% | 7.1% | 6.2% |
| FCF margin | 1.9% | 4.2% | 17.1% | 8.8% | 6.9% | 5.3% | 5.5% | 3.7% |
| Returns | ||||||||
| Return on capital | — | — | — | 44.5% | 36.6% | 26.7% | 19.5% | 17.6% |
| Return on capital employed | — | — | 12.4% | 27.2% | 24.1% | 18.4% | 13.9% | 12.5% |
| Return on equity | — | — | — | 52.1% | 40.6% | 29.0% | 21.1% | 18.1% |
| Return on assets | — | — | 7.1% | 15.0% | 13.7% | 11.2% | 8.7% | 7.4% |
| Growth | ||||||||
| Revenue growth | — | 1.0% | 17.8% | 19.1% | −5.6% | −3.7% | −3.7% | 2.0% |
| Net income growth | — | 459.9% | 157.2% | 117.4% | −6.5% | −17.3% | −19.4% | −10.0% |
| EPS growth | — | 451.7% | 136.9% | 87.9% | 5.2% | −10.6% | −14.5% | −3.3% |
| FCF growth | — | 121.8% | 383.1% | −38.4% | −25.7% | −26.1% | 0.2% | −32.4% |
| Share count change | — | −0.5% | 8.9% | 15.8% | −11.0% | −7.7% | −5.7% | −6.9% |
| Financial health | ||||||||
| Net debt / EBITDA | — | 4.4x | 0.8x | 0.2x | 0.3x | 0.2x | 0.3x | 0.2x |
| Debt / equity | — | — | 0.7x | 0.5x | 0.4x | 0.3x | 0.2x | 0.2x |
| Interest coverage | 1.2x | 1.9x | 4.8x | 20.3x | 19.6x | 14.9x | 15.4x | 14.6x |
| Current ratio | — | 1.7x | 1.2x | 1.5x | 1.6x | 1.9x | 1.8x | 1.9x |
| Quick ratio | — | 0.3x | 0.4x | 0.5x | 0.4x | 0.5x | 0.4x | 0.4x |
| Capital allocation | ||||||||
| Capex / revenue | 2.3% | 1.3% | 0.7% | 1.1% | 1.7% | 3.4% | 3.4% | 3.5% |
| Stock comp / revenue | 0.1% | 0.2% | 0.6% | 0.6% | 0.3% | 0.4% | 0.5% | 0.4% |
| Payouts / FCF | 0.0% | 0.0% | 0.0% | 68.9% | 115.9% | 70.1% | 120.7% | 105.2% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 8.0 | 5.0 | 6.0 | 5.0 | 7.0 |
| Altman Z'' | — | — | 2.1 | 3.6 | 3.7 | 4.0 | 3.6 | 3.7 |
| Accruals ratio | — | — | −16.1% | −0.0% | 1.7% | −0.4% | −2.3% | −1.1% |
Source: SEC EDGAR XBRL filings (CIK 0001817358). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.